XLE vs. ICSH
XLE (State Street Energy Select Sector SPDR ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - XLE is a Energy Equities fund tracking the Energy Select Sector Index, while ICSH is a Ultrashort Bond fund actively managed by iShares. XLE is passively managed, while ICSH is actively managed. Over the past 10 years, XLE returned 9.80%/yr vs 2.80%/yr for ICSH. At a 0.00 correlation, their price movements are largely independent. Both charge a 0.08% expense ratio.
Performance
XLE vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, XLE achieves a 31.38% return, which is significantly higher than ICSH's 1.92% return. Over the past 10 years, XLE has outperformed ICSH with an annualized return of 9.80%, while ICSH has yielded a comparatively lower 2.80% annualized return.
XLE
- 1D
- 0.45%
- 1M
- 8.53%
- 6M
- 23.17%
- YTD
- 31.38%
- 1Y
- 39.01%
- 3Y*
- 14.81%
- 5Y*
- 23.06%
- 10Y*
- 9.80%
- ALL TIME*
- 8.77%
ICSH
- 1D
- 0.00%
- 1M
- 0.36%
- 6M
- 1.77%
- YTD
- 1.92%
- 1Y
- 4.16%
- 3Y*
- 5.09%
- 5Y*
- 3.76%
- 10Y*
- 2.80%
- ALL TIME*
- 2.32%
XLE vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XLE State Street Energy Select Sector SPDR ETF | 31.38% | 7.88% | 5.56% | -0.63% | 64.32% | 53.28% | -32.67% | 11.74% | -18.22% | -0.89% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.92% | 4.96% | 5.52% | 5.58% | 0.97% | 0.16% | 1.61% | 3.17% | 2.25% | 1.63% |
Correlation
The correlation between XLE and ICSH is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013 | 0.00 |
The correlation between XLE and ICSH shifts across timeframes, from -0.16 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XLE vs. ICSH — Risk / Return Rank
XLE
ICSH
XLE vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) and iShares Ultra Short Duration Bond Active ETF (ICSH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| XLE | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.17 | ||
| Sortino ratioReturn per unit of downside risk | -19.89 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 5.55 | -4.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 42.22 | -39.60 |
| Martin ratioReturn relative to average drawdown | 6.99 | 238.25 | -231.26 |
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Drawdowns
XLE vs. ICSH - Drawdown Comparison
The maximum XLE drawdown since its inception was -71.26%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for XLE and ICSH.
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Drawdown Indicators
| XLE | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.26% | -3.94% | -67.32% |
Max Drawdown (1Y)Largest decline over 1 year | -14.98% | -0.10% | -14.88% |
Max Drawdown (3Y)Largest decline over 3 years | -20.14% | -0.10% | -20.04% |
Max Drawdown (5Y)Largest decline over 5 years | -26.04% | -0.73% | -25.31% |
Max Drawdown (10Y)Largest decline over 10 years | -66.81% | -3.94% | -62.87% |
Current DrawdownCurrent decline from peak | -6.72% | 0.00% | -6.72% |
Average DrawdownAverage peak-to-trough decline | -17.95% | -0.08% | -17.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.60% | 0.02% | +5.58% |
Volatility
XLE vs. ICSH - Volatility Comparison
State Street Energy Select Sector SPDR ETF (XLE) has a higher volatility of 5.95% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.12%. This indicates that XLE's price experiences larger fluctuations and is considered to be riskier than ICSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XLE | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.95% | 0.12% | +5.83% |
Volatility (6M)Calculated over the trailing 6-month period | 16.52% | 0.32% | +16.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.98% | 0.42% | +20.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.82% | 0.49% | +25.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.59% | 1.05% | +28.54% |
XLE vs. ICSH - Expense Ratio Comparison
Both XLE and ICSH have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
XLE vs. ICSH - Dividend Comparison
XLE's dividend yield for the trailing twelve months is around 2.62%, less than ICSH's 4.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICSH iShares Ultra Short Duration Bond Active ETF | 4.28% | 4.55% | 5.24% | 4.78% | 1.66% | 0.42% | 1.21% | 2.61% | 2.20% | 1.36% | 0.88% | 0.54% |
XLE State Street Energy Select Sector SPDR ETF | 2.62% | 3.28% | 3.36% | 3.55% | 3.68% | 4.21% | 5.62% | 6.72% | 3.54% | 3.03% | 2.26% | 3.39% |
Frequently Asked Questions
XLE and ICSH have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLE has higher volatility (5.95%) compared to ICSH (0.12%). In terms of maximum drawdown, XLE dropped -71.26% vs ICSH's -3.94%.
On 10-year performance, XLE leads with 9.80% vs 2.80% for ICSH. Both ETFs have the same 0.08% expense ratio. On volatility, ICSH has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLE has performed better with a 9.80% return vs 2.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLE and ICSH have the same expense ratio: 0.08% per year.
ICSH has the higher dividend yield at 4.28%, compared with 2.62% for XLE.
XLE is categorized as Energy Equities, while ICSH is Ultrashort Bond. They also come from different issuers: State Street and iShares.
ICSH currently has the higher Sharpe Ratio (10.04 vs 1.87), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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